2021's first quarter numbers are in for the Big Bear real estate market. Let's compare them to the first quarter of 2020's numbers to see how much things have changed over the incredibly busy year we've had. This should give us a good idea of how much the market has appreciated as we are comparing the 3 months in which homes went into escrow before the covid lockdown last year to the same three months this year during the recovery period.
Sales of Big Bear homes were up 36% in the first quarter of 2021 with 361 closings.
The average and median sales prices were up 31% and 34% to $509,913 and $425,000 respectively.
The average and median prices per square foot both rose 42%.
The average sales-price-to-list-price ratio went from 97.5% in 2020 to 104.5% in 2021. This means that homes sold for almost 5% over list price on average during 2021's first quarter.
The median days on market dropped from 93 days in 2020 to 39 days on 2021.
Home inventory currently stands at 111 single family homes listed in the Big Bear MLS. Last year there were approximately 360 at this time.
Not only do these numbers show the record year we had for Big Bear real estate in 2020, but with sales still 36% higher than this time last year and with inventory about 70% lower than it was last year, the supply and demand dynamic suggests the market is still in a very strong position!
I would expect to see prices continue to appreciate until sales slow down and more listings come on the market. But as of now, there's really no sign things are slowing down.
Paul Zamoyta ~ Info@Zamoyta.com ~ 909.557.8285